Oil prices edged higher on Monday, pausing for breath after coming under pressure over the past month from rising production in the United States, Libya and Nigeria, which has taken the edge off an OPEC-led initiative to support the market by cutting production.
Brent crude futures were trading 17 cents higher at $47.54 per barrel by 1015 GMT.
U.S. West Texas Intermediate (WTI) crude futures were 15 cents higher at $44.89 per barrel.
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